Mathematics, 06.10.2021 18:30 hiihihihij

Suppose a price floor of $7 is imposed on this market. As a result, a. buyers’ total expenditure on the good decreases by $20. b. the supply curve shifts to the left so as to now pass through the point (quantity = 40, price = $7). c. the quantity of the good demanded decreases by 20 units. d. the price of the good continues to serve as the rationing mechanism.

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Suppose a price floor of $7 is imposed on this market. As a result, a. buyers’ total expenditure on...